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Corporation Tax

Corporation Tax Essentials

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What is Corporation Tax?

Corporation tax in the UK is a tax that limited companies need to pay on their profits.

Put simply, corporation tax is an income tax for limited companies. Corporation tax is paid on the profit of the business at 19%.

What income does a limited company pay corporation tax on?

A company pays corporation tax on the profits of the business.

What is the corporation tax rate?

The corporation tax rate for company profits is 19%.

When is corporation tax due?

This is dependent on your accounting period:

  • Year end 31.10.21 – file return by 31.07.22 – payment date 01.08.22
  • Year end 30.11.21 – file return by 31.08.22 – payment date 01.09.22
  • Year end 31.12.21 – file return by 31.09.22 – payment date 01.10.22
  • Year end 31.01.22 file return by 31.10.22 – payment date 01.11.22
  • Year end 28.02.22 file return by 31.11.22 – payment date 01.12.22
  • Year end 31.03.22 file return by 31.12.22 – payment date 01.01.23
  • Year end 30.04.22 file return by 31.01.23 – payment date 01.02.23
  • Year end 31.05.22 file return by 28.02.23 – payment date 01.03.23
  • Year end 30.06.22 file return by 31.03.23 – payment date 01.04.23
  • Year end 31.07.22 file return by 31.04.23 – payment date 01.05.23
  • Year end 31.08.22 file return by 31.06.23 – payment date 01.07.23
  • Year end 30.09.22 file return by 31.08.22- payment date 01.09.23

So how do we work out your Corporation Tax liability?

We take the turnover figure (all sales income) and deduct your expenses. The figure left is your profit and this is taxed at 19%.